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...Days before, Société Générale executives had discovered Kerviel's massive illicit operation, after the trader had gambled positions worth about $73 billion. That's actually more than the bank's entire worth by around $25 billion. Instantly, this evoked comparisons in the media with another lone rogue, Nick Leeson, whose fictitious trades in Singapore lost $1.4 billion for Barings Bank in 1995, wiping out the bank's cash reserves. Leeson was arrested after an international manhunt, and spent more than three years in a Singapore jail. By contrast, Soci...

Author: /time Magazine | Title: Behind the Trader's Market Chaos | 1/27/2008 | See Source »

YOUR SPENDING: Save that rebate. President Bush has proposed a relief package worth about $145 billion to juice consumer spending. If you get a check, financial planners recommend first paying down any high-interest debt, like credit cards. After that, it's smartest to save the money--in a tax-deferred account like an IRA, if you can. That may not be what the government is going for, but if we do slip into a recession, you might need the cushion...

Author: /time Magazine | Title: Surviving a Slowdown: What You Can Do Now | 1/24/2008 | See Source »

...What has made it worth it? Was it winning New Hampshire? South Carolina? Or is it just the satisfaction of keeping the campaign alive against the odds...

Author: /time Magazine | Title: McCain's Pro Bono Help | 1/24/2008 | See Source »

...Free advice is usually described as being worth exactly what you pay for it. How much is the free advice you're giving McCain worth...

Author: /time Magazine | Title: McCain's Pro Bono Help | 1/24/2008 | See Source »

This is how an Italian government ends. One-by-one, each Senator was required to say out loud whether he or she wanted the center-left government of Prime Minister Romano Prodi to stand or fall. It was the final evening act in a day's worth of high and low drama in the ornate chambers of the Italian Senate on Thursday. There were bombastic speeches by party members defying their leaders' orders on which way to vote. Former Justice Minister Clemente Mastella, who'd brought on the government crisis by yanking his support from Prodi, choked...

Author: /time Magazine | Title: How An Italian Government Falls | 1/24/2008 | See Source »

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